Portfolio Details as of 06/30/2015

Weighted Average Market Cap.
80.7 B
P/E Ratio
18.3x
P/B Ratio
3.3x
Portfolio Turnover Ratio as of 11/28/2014
73.3%
Number of Holdings
85
Total Net Assets
$1.99 B

Portfolio Positioning as of 06/30/2015

  • Lowe’s Companies, Inc., a home improvement retailer, is the portfolio’s largest overweight position, relative to its benchmark, the S&P 900® 10-Year Dividend Growth Index, as of June 30, 2015. Our view is that better service levels and merchandising likely will lead to improved margins and profit expansion that are not currently reflected in the stock price.
  • The portfolio also is overweight, relative to its benchmark, in Chevron Corp., an integrated energy company. We do not believe that investors appreciate how well positioned the company is to benefit from the North American onshore oil and gas renaissance.
  • 3M Co., a diversified technology company, is another overweight position, relative to the portfolio’s benchmark.  We believe price increases will outpace raw material costs, leading to improved margins. We also believe there will be additional tailwinds from disciplined merger and acquisition activity.

Sector Allocationas of 06/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology 0.0%
Materials arrowDown0.1%
Telecommunication Services arrowUp0.2%
Financials arrowUp0.2%
Consumer Discretionary 0.0%
Industrials 0.0%
Health Care arrowUp0.2%
Utilities arrowDown0.3%
Consumer Staples 0.0%
Energy arrowDown0.3%

Attribution Analysis 

Calibrated Dividend Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
AbbVie, Inc. 0.5%
Hasbro, Inc. 0.2%
AT&T, Inc. 0.2%
Caterpillar, Inc. 0.1%
Occidental Petroleum Corp. 0.1%

Weakest Performers

Holding Contribution
Lowe's Cos, Inc. -0.4%
Chevron Corp. -0.3%
Norfolk Southern Corp. -0.3%
QUALCOMM, Inc. -0.2%
3M Co. -0.2%
Fund Dividends & Cap Gains next tab

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